China remains Binance’s top market with a 13.4% share of total trading volume. It is reported WSJ with reference to internal company data.
In China, there are about 911,000 active users of the exchange, according to the publication. In May 2023, Binance’s trading volume on this market exceeded $90 billion, out of a total of $670 billion, the WSJ stressed.
South Korea is in second place. This direction accounts for $58.3 billion, followed by Turkey, Vietnam and the British Virgin Islands.
According to Statista, in 2023, the share of cryptocurrency holders among the population of China was 10%. In South Korea, this figure is at the level of 20%, in Turkey – 47%, Vietnam – 27%.
In September 2021, the Central Bank of China will fully banned cryptocurrency mining and transactions in digital assets. Despite the restrictions, in April 2023 in the country there were about $30 million of participants in this sector.
Notably, Binance has previously been accused of ties to the Chinese government. In September 2022, the WSJ announced this. At the end of March 2023, a similar thesis was published by the FT.
Changpeng Zhao denies these allegations. According to him, Binance is an international company that employs people from different countries. He himself is a citizen of Canada. At the same time, the exchange officially left China in 2017.
Source: Cryptocurrency
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